Sailboat insurance

Your yearly payment for a policy is known as the premium. Each insurer publishes its own figures, and they aren't all talking about the same kinds of boats, so it helps to see them side by side.

Source	What the figure covers	Yearly cost
Progressive	Liability-only sailboat policies	Starting at $100
Nationwide, quoting a sailing site	General sailboat protection	$250 to $1,500
Nationwide, quoting a sailing site	Basic-level protection	Probably $1,000 or less
Nationwide	Sailboats it insures itself	75% pay under $500
Chubb	Sailboats plus bigger or pricier boats	$500 to $1,500+

Liability coverage pays for harm you cause to other people or their property. Progressive states that its liability policies for sailboats begin at $100 a year.

If you want broader protection, Nationwide's cost guide points to a sailing website that estimates yearly premiums between $250 and $1,500. That guide also notes basic coverage will probably stay under $1,000. Three out of four sailboats Nationwide insures cost less than $500 a year.

Chubb places sailboats in the same category as bigger or pricier boats. Its average premium estimate for that group is $500 to $1,500 or more annually.

Before quoting a price, insurers want to know about your boat. Progressive says it might ask for:

• how long the hull is
• what the hull is made of, for example fiberglass, wood, or steel
• what powers it, such as sails alone or sails with an engine

When you shop matters too. Nationwide offers a prior insurance discount if you request a quote at least eight days before your existing policy runs out. So if you are already insured, starting your search early is worth doing.

An inspection may come first with some companies. Hagerty can require an out-of-water survey when a sailboat is over 26 feet. Ask Hagerty what its out-of-water survey requires before arranging one.

Every company draws its own lines around boat size, worth, and age.

Insurer	Size and value limits	Other limits
Progressive	Won't insure sailboats over 50 feet and valued over $500,000	Wood and steel hulls excluded; U.S. Coast Guard standards required
Nationwide	Usually up to 50 feet and up to $350,000	Usually up to 40 model years of age

You can find the Progressive rules on its sailboat insurance page. The Nationwide figures appear in its cost guide.

What is covered depends on the insurer. Progressive highlights these features for sailboats:

• Sails, rigging, and electronics: when these cannot be fixed properly, they are swapped for brand-new replacements at no added charge.
• Agreed value option: if you choose it, a total loss pays the agreed value rather than a depreciated amount.
• Wreck removal: when the law says a sunken sailboat must be taken away, the insurer covers that cost.
• Fuel spills: cleanup of a fuel spill is paid for, even when the boat stays afloat.

Racing can be covered by certain insurers. Progressive continues to insure sailboats used in races, and Hagerty permits club racing.

That said, plenty of policies restrict this protection. According to Massachusetts regulators, sails, masts, and spars are usually excluded while an official race is underway. Anyone who races should check that section of a policy carefully before signing up.